The Natural Capital Investment Fund C/O the Conservation Fund

“The independent auditing firm engaged to conduct an annual audit of the financial statements of pcap is engaged to assist in the preparation of the form 990. The pcap executive vice president/cfo directly participates in the preparation of the form, drafting responses to questions and reviewing the form 990 in draft form. A draft copy of the form 990 is sent to the members of the pcap board of directors, requesting comments and questions from them. Subsequent to the review and revision process of the pcap board and management, the form 990 is finalized and filed with the irs. Copies of the form are then made available for public inspection.”

“The conflict of interest policy is provided to each director, officer, or member of a committee at a regular board meeting each year. Each interested person shall annually sign a statement that affirms that such person (a) has received a copy of the conflicts of interest policy, (b) has read and understands the policy, (c) has agreed to comply with the policy, and (d) understands that the corporation is a charitable organization and that in order to maintain its federal tax exemption it must engage primarily in activities that accomplish one or more of its tax-exempt purposes. If there is a disclosure of a financial interest, the interested person shall leave the board or committee meeting while the financial interest is discussed and voted upon. The remaining directors or committee members shall decide if a conflict of interest exists.”

“Pcap uses an outside third party compensation study to evaluate compensation levels for its president and officers. The pcap bod approves compensation amounts for the president and officers.”

“Pcap makes its governing documents, conflict of interest policy, and financial statements available to the public upon request for the same period of disclosure as set forth in section 6104(d).”

“Consulting expense: program service expenses 216,818. Management and general expenses 133,375. Fundraising expenses 4,092. Total expenses 354,285. Technical assistance: program service expenses 1,365,329. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,365,329.”

“The process has not changed from prior year”